HCC Insurance 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	HCC INSURANCE HOLDINGS INC/DE/
Entity Central Index Key	888,919
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Fixed maturity securities - available for sale, at fair value (amortized cost: 2015 - $6,132,246 and 2014 - $6,352,737)	$ 6,296,256	$ 6,610,368
Equity securities - available for sale, at fair value (cost: 2015 - $382,550 and 2014 - $291,070)	390,077	296,352
Short-term investments, at cost (approximates fair value)	283,420	258,186
Other investments (at fair value)	24,957	0
Total investments	6,994,710	7,164,906
Cash	81,864	102,093
Restricted cash and securities	114,229	119,010
Premium, claims and other receivables	925,827	553,027
Reinsurance recoverables	1,165,211	1,168,900
Ceded unearned premium	371,138	316,715
Ceded life and annuity benefits	48,114	48,499
Deferred policy acquisition costs	260,273	220,321
Goodwill	952,130	905,636
Other assets	227,434	115,239
Total assets	11,140,930	10,714,346
LIABILITIES
Loss and loss adjustment expense payable	3,660,488	3,728,085
Life and annuity policy benefits	48,114	48,499
Reinsurance, premium and claims payable	456,747	301,476
Unearned premium	1,471,835	1,198,930
Deferred ceding commissions	117,530	94,202
Notes payable	909,328	824,251
Accounts payable and accrued liabilities	560,766	615,552
Total liabilities	7,224,808	6,810,995
SHAREHOLDERS' EQUITY
Common stock, $1.00 par value; 250,000 shares authorized (shares issued: 2015 - 126,837 and 2014 - 126,472; outstanding: 2015 - 95,645 and 2014 - 96,521)	126,837	126,472
Additional paid-in capital	1,122,937	1,113,551
Retained earnings	3,578,315	3,441,424
Accumulated other comprehensive income	110,712	175,014
Treasury stock, at cost (shares: 2015 - 31,192 and 2014 - 29,951)	(1,022,679)	(953,110)
Total shareholders' equity	3,916,122	3,903,351
Total liabilities and shareholders' equity	$ 11,140,930	$ 10,714,346

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Fixed maturity securities, available for sale, amortized cost	$ 6,132,246	$ 6,352,737
Equity securities, available for sale, cost	$ 382,550	$ 291,070
SHAREHOLDERS' EQUITY
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	126,837	126,472
Common stock, shares outstanding	95,645	96,521
Treasury stock	31,192	29,951

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE
Net earned premium	$ 641,840	$ 572,248	$ 1,242,403	$ 1,134,860
Net investment income	54,738	56,438	108,220	113,244
Other operating income	9,700	9,983	18,919	19,249
Net realized investment gain	573	4,905	13,759	25,151
Total revenue	706,851	643,574	1,383,301	1,292,504
EXPENSE
Loss and loss adjustment expense, net	395,305	335,897	760,467	666,643
Policy acquisition costs, net	78,459	72,970	153,670	142,011
Other operating expense	111,266	90,198	188,749	177,250
Interest expense	7,264	6,865	15,030	13,984
Total expense	592,294	505,930	1,117,916	999,888
Earnings before income taxes	114,557	137,644	265,385	292,616
Income tax expense	34,140	40,508	72,051	87,569
Net earnings	$ 80,417	$ 97,136	$ 193,334	$ 205,047
Earnings per common share
Basic	$ 0.84	$ 0.97	$ 2.02	$ 2.05
Diluted	$ 0.84	$ 0.97	$ 2.01	$ 2.04

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Income and Comprehensive Income [Abstract]
Net earnings	$ 80,417	$ 97,136	$ 193,334	$ 205,047
Investment gains (losses):
Investment gains (losses) during the period	(97,625)	93,745	(77,616)	179,825
Income tax charge (benefit)	(34,525)	33,248	(27,320)	63,818
Investments gains (losses), net of tax	(63,100)	60,497	(50,296)	116,007
Less reclassification adjustments to:
Net realized investment gain	573	4,905	13,759	25,151
Income tax expense	201	1,717	4,816	8,803
Total reclassifications included in net earnings, net of tax	372	3,188	8,943	16,348
Net unrealized investment gains (losses)	(63,472)	57,309	(59,239)	99,659
Foreign currency translation adjustment	1,992	903	(5,060)	1,691
Income tax charge (benefit)	70	11	3	(421)
Foreign currency translation adjustment, net of tax	1,922	892	(5,063)	2,112
Other comprehensive income (loss)	(61,550)	58,201	(64,302)	101,771
Comprehensive income	$ 18,867	$ 155,337	$ 129,032	$ 306,818

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive income [Member]	Treasury stock [Member]
Balance at Dec. 31, 2014	$ 3,903,351	$ 126,472	$ 1,113,551	$ 3,441,424	$ 175,014	$ (953,110)
Net earnings	193,334			193,334
Other comprehensive income	(64,302)				(64,302)
Stock-based compensation	10,947	402	10,545
Issuance of 60 shares for exercise of options, including tax effect	4,744	60	4,684
Issuance of 49 shares for employee stock purchase plan	2,024	49	1,975
Surrender of 146 shares of restricted stock for employee's tax liability	(7,964)	(146)	(7,818)
Purchase of 1,241 common shares	(69,569)					(69,569)
Cash dividends declared, $0.59 per share	(56,443)			(56,443)
Balance at Jun. 30, 2015	$ 3,916,122	$ 126,837	$ 1,122,937	$ 3,578,315	$ 110,712	$ (1,022,679)

Consolidated Statement of Chan7

Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - 6 months ended Jun. 30, 2015 - $ / shares shares in Thousands	Total
Issuance of shares for exercise of options	60
Issuance of shares for employee stock purchase plan	49
Surrender of shares of restricted stock for employee's tax liability	(146)
Purchase of common shares	1,241
Cash dividends declared	$ 0.59

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net earnings	$ 193,334	$ 205,047
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in premium, claims and other receivables	(194,834)	(109,043)
Change in reinsurance recoverables	180,540	96,770
Change in ceded unearned premium	(21,520)	(35,485)
Change in loss and loss adjustment expense payable	(241,159)	(57,118)
Change in unearned premium	216,788	138,248
Change in reinsurance, premium and claims payable	32,494	55,764
Change in accounts payable and accrued liabilities	(73,290)	(69,414)
Stock-based compensation expense	10,947	10,303
Depreciation and amortization expense	12,322	8,289
Gain on investments	(13,759)	(25,151)
Other, net	(69,110)	(22,924)
Cash provided by operating activities	32,753	195,286
Investing activities
Sales of available for sale fixed maturity securities	398,848	286,843
Sales of equity securities	71,970	170,182
Maturity or call of available for sale fixed maturity securities	363,541	269,468
Cost of available for sale fixed maturity securities acquired	(518,929)	(675,945)
Cost of equity securities acquired	(147,232)	(78,817)
Cost of other investments acquired	(25,000)
Change in short-term investments	(31,300)	(168,241)
Payments for purchase of businesses, net of cash received	(99,060)	(2,579)
Proceeds from sales of subsidiaries		12,942
Other, net	(4,584)	(3,902)
Cash provided (used) by investing activities	8,254	(190,049)
Financing activities
Advances on line of credit	210,000	140,000
Payments on line of credit	(140,004)	(60,000)
Sale of common stock	6,768	11,709
Purchase of common stock	(69,569)	(41,542)
Dividends paid	(56,722)	(45,076)
Other, net	(11,709)	2,278
Cash provided (used) by financing activities	(61,236)	7,369
Net increase (decrease) in cash	(20,229)	12,606
Cash at beginning of year	102,093	58,301
Cash at end of period	$ 81,864	$ 70,907

General Information

General Information	6 Months Ended
	Jun. 30, 2015
General Information [Abstract]
General Information	(1 ) General Information HCC Insurance Holdings, Inc. (HCC) and its subsidiaries (collectively we, us or our) include domestic and foreign property and casualty and life insurance companies and underwriting agencies with offices in the United States, the United Kingdom, Spain and Ireland. We underwrite a variety of largely non-correlated specialty insurance products, including property and casualty, accident and health, agriculture, surety and credit product lines, in approximately 180 countries. We market our products through a network of independent agents and brokers, through managing general agents owned by the company, and directly to consumers. In addition, we assume insurance written by other insurance companies. Proposed Merger with Tokio Marine On June 10, 2015, we announced that HCC had entered into an Agreement and Plan of Merger (Merger Agreement) with Tokio Marine Holdings, Inc., a Japanese corporation ( Tokio Marine) and TMGC Investment (Delaware) Inc. (Merger Sub), an indirect wholly-owned subsidiary of Tokio Marine, providing for HCC to be acquired by Tokio Marine through a merger effected under Delaware law (referred to herein as merger). The Merger Agreem ent provides that, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into HCC with HCC continuing as the surviving corporation and an indirect wholly-owned subsidiary of Tokio Marine. Tokio Marine is the ultimate holding company of the Tokio Marine Group, which operates in the non-life insurance business, life insurance business, and financial and general businesses globally. On completion of the merger, shares of our common stock (Sh ares) will no longer be listed on any stock exchange or quotation system. If the Merger Agreement is adopted and the merger is completed, each outstanding Share (other than Shares held by HCC, Tokio Marine or Merger Sub or any of their respective subsidia ries, or by any holder who has properly exercised appraisal rights of such Shares in accordance with Section 262 of the General Corporation Law of the State of Delaware) will be converted into the right to receive $ 78.0 0 in cash (Merger Consideration), wit hout interest and less any applicable tax withholdings. The Merger Agreement provides that equity-based awards held by our directors, executive officers and employees as of the effective time of the merger will be treated at the effective time as follows : 1) each outstanding option to purchase Shares (Option) granted under HCC’s 2008 Flexible Incentive Plan, as amended (Incentive Plan), whether vested or unvested, will be canceled and will only entitle the holder of the Option the right to receive an amou nt in cash equal to the product obtained by multiplying (A) the total number of Shares subject to the Option by (B) the excess, if any, of the Merger Consideration over the exercise price per Share of that Option, less any applicable tax withholdings; 2) H CC will waive any vesting or holding conditions or restrictions applicable to each outstanding restricted Share granted under the Incentive Plan or HCC’s 2014 Stock Promotion Plan, and at the effective time each Share will be treated in the same manner as a Share of our common stock and will entitle the holder to an amount in cash equal to the Merger Consideration, less any applicable tax withholdings; 3) with respect to any restricted Shares subject to performance based vesting (Performance Shares), the pe rformance criteria will be deemed to have been achieved based on 100% performance and such Performance Shares will be treated the same as all other Shares in the merger and will entitle the holder to an amount in cash equal to the Merger Consideration, les s any applicable tax withholdings; and 4) each outstanding restricted stock unit granted under the Incentive Plan (RSU), whether vested or unvested, will be canceled and will entitle the holder of the RSU an amount in cash equal to the product of (A) the t otal number of Shares subject to the RSU and (B) the Merger Consideration, less any applicable tax withholdings. Each of the parties has made customary representations and warranties and agreed to covenants in the Merger Agreement. We have agreed, am ong other things, to use our commercially reasonable efforts to cause our business to be conducted in the ordinary and usual course during the period between the execution of the Merger Agreement and the closing of the merger, and not to take certain actio ns specified in the Merger Agreement during such time. We have also agreed not to discuss alternative acquisition proposals with, or solicit alternative acquisition proposals from, third parties, subject to exceptions that allow us under certain circumsta nces to provide information to and participate in discussions with third parties with respect to unsolicited alternative acquisition proposals, and to terminate the Merger Agreement in order to accept such a proposal that constitutes a “Superior Proposal” (as defined in the Merger Agreement), in each case if HCC’s board of directors has determined that the failure to take such action would be inconsistent with HCC’s fiduciary duties under applicable law. The Merger Agreement provides certain termination r ights for both HCC and Tokio Marine, and further provides that, upon termination of the Merger Agreement under certain circumstances, we will be obligated to pay Tokio Marine a termination fee of $ 187.5 million. The Merger Agreement was unanimously appro ved by our board of directors and is conditioned, among other things, on: 1) adoption of the Merger Agreement and approval of the merger by our shareholders, 2) receipt of required governmental approvals, including antitrust and insurance regulatory approv als and 3) other customary closing conditions. In addition, Tokio Marine’s obligation to consummate the merger is subject to the condition that the required governmental approvals have been obtained without the imposition of any “Negative Regulatory Actio n” (as defined in the Merger Agreement). The merger is expected to close during the fourth quarter of 2015, subject to the closing conditions described above and contained in the Merger Agreement. Basis of Presentation Our unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of HCC and its subsidiaries. We have made all adjustments that, in our opinion, are necessary for a fair statement of results of the interim periods, and all such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in cons olidation. The consolidated financial statements include the results of operations and cash flows of Producers Ag Insurance Group, Inc. ( ProAg ) from January 1, 2015, the effective acquisition date (see Note 2 , “ Acquisition ”). The consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . The consolidated ba lance sheet at December 31, 2014 was derived from the audited financial statements but does not include all disclosures required by GAAP. Management must make estimates and assumptions that affect amounts reported in our consolidated financial statements and in disclosures of contingent assets and liabilities. Ultimate results could differ from those estimates. In conjunction with the acquisition of ProAg in the first quarter of 2015, HCC’s executive management changed the structure under which it manages and evaluates the results of o ur numerous product lines. See Note 3 , “Segments” for discussion of our new reporting structure. New Accounting and Reporting Policies The following policie s changed in 2015: Agriculture The majority of premium writte n in our new agriculture business relates to multi-peril crop insurance (MPCI), written through the federal crop insurance program administered by the U.S. Department of Agriculture’s Risk Management Agency and the Federal Crop Insurance Corporation (FCIC). We record written pre mium for our agriculture business as we process acreage reports received from the policyholders. Written premium is earned ratably over the period of risk commencing on the final planting date set by the FCIC , which approximates the start of planting season, and ending on the estimated crop harvest date. W e have a net receivable ( payable ) due from ( to ) the FCIC for settlement of MPCI reinsurance . If a net receivable , it is reflected in our consolidated balance sheet with premium, claims and other receivables . I f a net payable, it is reflected in our consolidated balance sheet with reinsurance, premium and claims payable. Goodwill An indicator of impairment of goodwill exists when the fair value of a reporting unit is less than its carrying value. In conjunction with the change in our reporting structure discussed in Note 3 , “Segments,” we now have three reporting units that are the same as our insurance underwriting segments: 1) North America Property & Casualty, 2) Accident & Health and 3) International. We conducted our annual goodwill impairment test as of June 30, 2015, which is consistent with the timeframe for our annua l assessment in prior years. This test consisted of a qualitative assessment in which we determined that it is more likely than not that the fair value of each of our three reporting units exceeded its carrying amount with no indicators of impairment. Recent Accounting Guidance A n accounting standard issued in 2014 will change the manner in which most companies recognize revenue. The standard requires that revenue reflect the transfer of goods or services to customers based on the consideration/payment the company expects to be entitled to in exchange for those goods or services; however, the standard does not change the accounting for insurance contracts o r investment income. The new standard also requires enhanced disclosures about revenue. This standard is effective in the first quarter of 2018. The standard may be applied on a full retrospective or modified retrospective approach. We are currently as sessing the impact the implementation of this standard will have on our consolidated financial statements. An accounting standard issued in 2015 focuses on improving existing disclosure requirements to provide users with additional information about insurance liabilities for short-duration cont r acts. The standard does not change the existing recognition and mea surement guidance for short-duration contracts. This standard is effective at December 31, 2016 and must be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements t hat apply only to the current period. Application of this standard will have no impact on our consolidated financial position, results of operations or cash flows. An accounting standard issued in 2015 changes the presentation of debt issuance costs related to a recognized debt liability. The standard requires debt issuance costs be presented as a reduction of the debt liability, rather than as a deferred charge asset. This standard is effective at March 31, 2016 and must be applied retrospectively. We have immaterial debt issuance costs included in other assets in our consolidated balance sheets that will be reclassified as a reduction to notes payable. Application of this standard will have no impact on our consolidated financial position, results of operations or cash flows.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisition	(2 ) Acquisition Effective January 1, 2015, we completed the acquisition of all of the capital stock of ProAg from CUNA Mutual Group for $ 102.4 million cash . ProAg writes multi-peril crop, crop hail and other named peril insurance. Crop insurance is a non-correlated line of business we strategically targeted to add to our diversified portfolio of specialty insurance businesses. We completed our accounting f or this acquisition in the second quarter of 2015 . The following table summarizes the fair values of assets acquired and liabilities assumed at the acquisition date: Assets Investments – Fixed maturity securities $ 8,008 Cash 18,979 Premium, claims and other receivables 179,451 Reinsurance recoverables 197,292 Ceded unearned premium 33,127 Other assets 72,347 Total identifiable assets acquired 509,204 Liabilities Loss and loss adjustment expense payable 202,265 Reinsurance, premium and claims payable 131,677 Unearned premium 56,946 Notes payable 15,004 Accounts payable and accrued liabilities 48,049 Total liabilities assumed 453,941 Net identifiable assets acquired 55,263 Goodwill 47,145 Net assets acquired $ 102,408 The majority of these assets and liabilities related to ProAg’s reinsurance year 2014, which is 100 % ceded to the FCIC and third party reinsurers (including CUNA Mutual Group) under existing reinsurance agreements. We expect settlement of reinsurance year 2014 amounts to occur with all parties during the fourth quarter of 2015. W e recognized $ 54.0 million of intangible assets and $47.1 million of goodwill, neither of which is tax deductible. Finite-lived intangible assets relate to agent relationship s and ProAg’s trade name with fair values of $ 23.0 million and $ 8.0 million, respectively, which will be amortized over a useful life of 15 years and 10 years, respectively. Indefinite-lived intangible assets of $ 23.0 million relate to state and federal i nsurance licenses, which will be reviewed annually for impairment. Intangible assets are included in other assets in our consolidated balance sheet. The goodwill primarily represents the value of ProAg’s assembled workforce and opportunities for future e xpansion utilizing ProAg’s infrastructure.

Segments

Segments	6 Months Ended
	Jun. 30, 2015
Segments [Abstract]
Segments	(3 ) Segments In the first quarter of 2015, following the acquisition of ProAg , HCC’s executive management changed the structure under which it manages and evaluates the results of our numerous product lines. We now report our results in four operating segments, consisting of three insurance underwriting segments ( North America Property & Casualty, Accident & Health, and International) and the Investing segment. Each of our three insurance underwriting segments bears risk for insurance coverage written within its portfolio of insurance products. Each segment generates income from premium written by our underwriting agencies, through third party agents and brokers, or on a direct basis. Fee and commission income earned by our agencies from third party insurance companies is included in segment revenue. Each segment incurs insurance losses, acquisition costs, claims management costs and other administrative expenses rela ted to our insurance companies and underwriting agencies. Internal claims department costs are managed and reported as a component of loss and loss adjustment expense. We monitor and assess each segment’s pretax results based on underwriting profit, gros s and net written premium, and its combined ratio, consisting of the segment’s net loss ratio and expense ratio. Included in the portfolio of products for each insurance underwriting segment are the following key products: • North America Property & Casualty – directors' and officers' liability (D&O), primary and excess casualty, small account errors and omissions liability, employment practices liability, agriculture, aviation, sports and entertainment, public risk, surety, and various smaller products. • Accident & Health – medical stop-loss, short-term domestic and international medical, and travel. • Interna tional – marine and energy, property treaty, property (direct and facultative), accident and health, D&O, professional indemnity, liability , surety, and credit. The North America Property & Casualty segment includes the former U.S. Property & Casualty seg ment, the U.S. portion of the former Professional Liability segment, the Surety portion of the former U.S. Surety & Credit segment and ProAg’s agriculture business. The International segment includes the former International segment, the International por tion of the former Professional Liability segment, and the Credit portion of the former U.S. Surety & Credit segment. The Accident & Health and Investing segments are unchanged from the prior presentation. All prior period information has been recast to present our segment disclosures and information on a comparable basis with our new segment reporting structure. The Investing segment includes our consolidated investment portfolio, as well as all investment income, investment related expenses, realized investment gains and losses, and other-than-temporary impairment credit losses on investments. All investment activity is reported as revenue, consistent with our consolidated presentation. In addition to our segments, we include a Corporate & Other category to reconcile segment results to consolidated totals. The Corporate & Other category includes: 1) corporate operating expenses not allocated to the segments, 2) interest expense on notes payable, 3) foreign currency expense (benefit) and 4) underwriting results of our Exited Lines. Our Exited Lines include product lines that we no longer write and do not expect to write in the future. The following tables present information by business segment. North America Property Accident Corporate & Casualty & Health International Investing & Other Consolidated Six months ended June 30, 2015 Net earned premium $ 460,669 $ 510,613 $ 271,121 $ - $ - $ 1,242,403 Other revenue 12,664 3,919 1,922 121,979 414 140,898 Segment revenue 473,333 514,532 273,043 121,979 414 1,383,301 Loss and LAE 266,270 373,940 119,718 - 539 760,467 Other expense 138,467 79,639 99,192 - 40,151 357,449 Segment expense 404,737 453,579 218,910 - 40,690 1,117,916 Segment pretax earnings (loss) $ 68,596 $ 60,953 $ 54,133 $ 121,979 $ (40,276) $ 265,385 Six months ended June 30, 2014 Net earned premium $ 397,855 $ 472,481 $ 263,904 $ - $ 620 $ 1,134,860 Other revenue 10,352 5,502 1,831 138,395 1,564 157,644 Segment revenue 408,207 477,983 265,735 138,395 2,184 1,292,504 Loss and LAE 208,290 344,944 112,832 - 577 666,643 Other expense 115,688 70,605 95,820 - 51,132 333,245 Segment expense 323,978 415,549 208,652 - 51,709 999,888 Segment pretax earnings (loss) $ 84,229 $ 62,434 $ 57,083 $ 138,395 $ (49,525) $ 292,616 Three months ended June 30, 2015 Net earned premium $ 251,430 $ 255,663 $ 134,744 $ - $ 3 $ 641,840 Other revenue 6,562 1,906 914 55,311 318 65,011 Segment revenue 257,992 257,569 135,658 55,311 321 706,851 Loss and LAE 149,834 186,929 58,275 - 267 395,305 Other expense 70,119 40,974 51,881 - 34,015 196,989 Segment expense 219,953 227,903 110,156 - 34,282 592,294 Segment pretax earnings (loss) $ 38,039 $ 29,666 $ 25,502 $ 55,311 $ (33,961) $ 114,557 Three months ended June 30, 2014 Net earned premium $ 196,521 $ 240,338 $ 135,060 $ - $ 329 $ 572,248 Other revenue 4,921 3,862 855 61,343 345 71,326 Segment revenue 201,442 244,200 135,915 61,343 674 643,574 Loss and LAE 104,737 174,139 56,518 - 503 335,897 Other expense 58,150 36,032 49,345 - 26,506 170,033 Segment expense 162,887 210,171 105,863 - 27,009 505,930 Segment pretax earnings (loss) $ 38,555 $ 34,029 $ 30,052 $ 61,343 $ (26,335) $ 137,644 In conjunction with the resegmentation , we reassigned the goodwill associated with the lines of business in our former Professional Liability and U.S. Surety & Credit reporting units at December 31, 2014 to the applicable North America Property & Casualty and International reporting units. We allocated goodwill to the lines of business within the former reporting units based on the relative fair value of each line of business to the sum of the former reporting unit’s total fair value at December 31, 2014. We noted no indicators of impairment as of December 31, 2014, after this allocation of goodwill. The goodwill balances by reportable segment, after allocation of the goodwill in our former reporting units, are presented below. North America Propert y Accident & Casualty & Health International Total Balance at beginning of year $ 552,006 $ 144,113 $ 209,517 $ 905,636 Acquisition of ProAg 47,145 - - 47,145 Other, principally foreign exchange 99 - (750) (651) Balance at June 30, 2015 $ 599,250 $ 144,113 $ 208,767 $ 952,130 The table below presents total assets by segment following our resegmentation . June 30, December 31, 2015 2014 North America Property & Casualty $ 2,465,227 $ 1,894,756 Accident & Health 243,105 242,278 International 1,131,605 1,073,889 Investing 7,052,910 7,228,608 Corporate & Other 248,083 274,815 Total $ 11,140,930 $ 10,714,346

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investment [Abstract]
Investments	(4 ) Investment s The cost or amortized cost, gross unrealized gain or loss, and fair value of our fixed maturity and equity securities, all of which are classified as available for sale, were as follows: Cost or Gross Gross amortized unrealized unrealized cost gain loss Fair value June 30, 2015 U.S. government and government agency securities $ 73,501 $ 697 $ (60) $ 74,138 Fixed maturity securities of states, municipalities and political subdivisions 775,017 42,911 (2,173) 815,755 Special purpose revenue bonds of states, municipalities and political subdivisions 2,240,251 106,213 (7,518) 2,338,946 Corporate securities 771,109 17,648 (6,441) 782,316 Residential mortgage-backed securities 784,457 14,943 (7,363) 792,037 Commercial mortgage-backed securities 521,110 13,853 (2,274) 532,689 Asset-backed securities 373,117 530 (856) 372,791 Foreign government securities 145,905 830 (1,484) 145,251 Foreign corporate securities 447,779 7,140 (12,586) 442,333 Total fixed maturity securities $ 6,132,246 $ 204,765 $ (40,755) $ 6,296,256 Equity securities $ 382,550 $ 29,918 $ (22,391) $ 390,077 December 31, 2014 U.S. government and government agency securities $ 70,279 $ 827 $ (137) $ 70,969 Fixed maturity securities of states, municipalities and political subdivisions 896,130 58,738 (160) 954,708 Special purpose revenue bonds of states, municipalities and political subdivisions 2,246,707 143,291 (986) 2,389,012 Corporate securities 777,242 25,983 (4,656) 798,569 Residential mortgage-backed securities 805,458 20,215 (3,979) 821,694 Commercial mortgage-backed securities 593,956 19,707 (2,032) 611,631 Asset-backed securities 369,103 316 (2,592) 366,827 Foreign government securities 119,479 767 (1,554) 118,692 Foreign corporate securities 474,383 10,776 (6,893) 478,266 Total fixed maturity securities $ 6,352,737 $ 280,620 $ (22,989) $ 6,610,368 Equity securities $ 291,070 $ 24,069 $ (18,787) $ 296,352 Substantially all of our fixed maturity securities are investment grade. The following tables display the gross unrealized losses and fair value of all available for sale securities that were in a continuous unrealized loss position for the periods indicated. Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value losses Fair value losses Fair value losses June 30, 2015 Fixed maturity securities U.S. government and government agency securities $ 9,018 $ (53) $ 3,985 $ (7) $ 13,003 $ (60) Fixed maturity securities of states, municipalities and political subdivisions 119,543 (2,173) - - 119,543 (2,173) Special purpose revenue bonds of states, municipalities and political subdivisions 437,071 (6,738) 18,348 (780) 455,419 (7,518) Corporate securities 258,668 (4,594) 40,654 (1,847) 299,322 (6,441) Residential mortgage-backed securities 271,212 (4,160) 98,727 (3,203) 369,939 (7,363) Commercial mortgage-backed securities 107,636 (1,338) 24,216 (936) 131,852 (2,274) Asset-backed securities 150,415 (269) 72,839 (587) 223,254 (856) Foreign government securities 30,582 (1,052) 12,893 (432) 43,475 (1,484) Foreign corporate securities 171,921 (7,203) 42,054 (5,383) 213,975 (12,586) Equity securities 169,836 (16,423) 23,288 (5,968) 193,124 (22,391) Total $ 1,725,902 $ (44,003) $ 337,004 $ (19,143) $ 2,062,906 $ (63,146) December 31, 2014 Fixed maturity securities U.S. government and government agency securities $ 14,813 $ (8) $ 11,236 $ (129) $ 26,049 $ (137) Fixed maturity securities of states, municipalities and political subdivisions 3,857 (21) 19,337 (139) 23,194 (160) Special purpose revenue bonds of states, municipalities and political subdivisions 4,041 (19) 100,947 (967) 104,988 (986) Corporate securities 211,111 (2,498) 48,091 (2,158) 259,202 (4,656) Residential mortgage-backed securities 37,434 (100) 226,256 (3,879) 263,690 (3,979) Commercial mortgage-backed securities 5,228 (26) 99,868 (2,006) 105,096 (2,032) Asset-backed securities 181,579 (1,245) 78,797 (1,347) 260,376 (2,592) Foreign government securities 55,280 (1,498) 7,187 (56) 62,467 (1,554) Foreign corporate securities 182,163 (4,587) 21,571 (2,306) 203,734 (6,893) Equity securities 111,251 (17,839) 3,934 (948) 115,185 (18,787) Total $ 806,757 $ (27,841) $ 617,224 $ (13,935) $ 1,423,981 $ (41,776) At June 30, 2015 , we held approximately 2 ,960 fixed maturity and equity securities, of which 36 % included at least one lot in an unrealized loss position. A security has an impairment loss when its fair value is less than its cost or amortized cost at the balance sheet date. We evaluate our securities for possible other-than-temporary impairm ent losses at each quarter end. Our reviews cover all impaired se curities where the loss exceeds $ 1.0 million and the loss either exceeds 10 % of cost or the security had been in a loss position for longer than twelve c onsecutive months. We do not consider the $63.1 million of gross unrealized losses in our portfolio at June 30, 2015 to be other-than-temporary impairments as these losses relate to non-credit factors, such as interest rate changes, fluctuations in exchange rates and market conditions. We recognized no other-than-temporary impairment losses in the first six months of 2015 and 2014 . The amortized cost and fair value of our fixed maturity securities at June 30, 2015 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted-average life of our mortgage-backed and asset-backed securities was 5 .3 years at June 30, 2015 . Cost or amortized cost Fair value Due in 1 year or less $ 164,158 $ 160,738 Due after 1 year through 5 years 1,133,253 1,158,235 Due after 5 years through 10 years 1,223,353 1,277,278 Due after 10 years through 15 years 874,072 914,971 Due after 15 years 1,058,726 1,087,517 Securities with contractual maturities 4,453,562 4,598,739 Mortgage-backed and asset-backed securities 1,678,684 1,697,517 Total fixed maturity securities $ 6,132,246 $ 6,296,256 Other investments primarily includes an investment in a fund that is carried at the net asset value of the fund. Changes in the net asset value are included in net investment income in our consolidated statements of earnings . Realized pretax gains (losses) on the sale of investments included the following: Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Gains Fixed maturity securities $ 18,505 $ 6,150 $ 4,629 $ 5,018 Equity securities 10,748 25,863 437 1,425 Total gains 29,253 32,013 5,066 6,443 Losses Fixed maturity securities (1,934) (3,688) (462) (1,533) Equity securities (13,560) (3,174) (4,031) (5) Total losses (15,494) (6,862) (4,493) (1,538) Net Fixed maturity securities 16,571 2,462 4,167 3,485 Equity securities (2,812) 22,689 (3,594) 1,420 Net realized investment gain $ 13,759 $ 25,151 $ 573 $ 4,905

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	(5 ) Fair Value Measurements Our financial instruments include a ssets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in our financial statements. In determining fair value, we generally apply the market approach, which uses prices and other relevant data based on market transactions involving identical or com parable assets and liabilities. We classify our financial instruments into the following three -level hierarchy: • Level 1 – Inputs are based on quoted prices in active markets for identical instruments. • Level 2 – Inputs are based on observable market data (other than quoted prices), or are derived from or corroborated by observable market data. • Level 3 – Inputs are unobservable and not corroborated by market data. Our Level 1 investments consist of U.S. Treasuries , money market funds and equity securities traded in an active exchange market . We use unadjusted quoted prices for identical in struments to measure fair value. Our Level 2 investments include most of our fixed maturity securities, which consist of U.S. government agency securities, foreign government securities, municipal bonds (including those held as restricted securities), corporate debt securities, bank loans, middle market senior loans , foreign debt securities, mortgage-backed and asset-backed securities (including collateralized loan obligations), and deposits supporting our Lloyd’s syndicate business. Level 2 also includes certificates of deposit and other intere st-bearing deposits at banks, which we report as short-term investments. We measure fair value for the majority of our Level 2 investments using matrix pricing and observable market data, including benchmark securities or yields, reported trades, broker/d ealer quotes, issuer spreads, two-sided markets, bids, offers, default rates, loss severity and other economic measures. We measure fair value for our structured securities using observable market data in cash flow models. We are responsible for the pric es used in our fair value measurements. We use independent pricing services to assist us in determining fair value of all of our Level 2 investments. The pricing services provide a single price or quote per security. We use data provided by our third pa rty investment managers and Lloyd’s of London to value the remaining Level 2 investments. To validate that these quoted prices are reasonable estimates of fair value, we perform various quantitative and qualitative procedures, including: 1) evaluation of the underlying methodologies, 2) analysis of recent sales activity, 3) analytical review of our fair values against current market prices and 4) comparison of the pricing services’ fair value to other pricing services’ fair value for the same investment. No markets for our investments were judged to be inactive at period end. Based on these procedures, we did not adjust the prices or quotes provided by our independent pricing services, third party investment managers or Lloyd’s of London as of June 30, 2015 or December 31, 2014 . Our Level 2 financial instruments also include our notes payable. We determine the fair value of our 6.30% Senior Notes based on quoted prices in an inactive market. The fair value of borrowings under our Rev olving Loan Facility approximates the carrying amount because interest is based on 30-day LIBOR plus a margin. Our Level 3 securities include certain fixed maturity securities and an insurance contract that we account for as a derivative and classify in o ther assets. Our Level 3 category also includes liabilit ies for future earnout payments due to former owners of business es we acquired, which are classified within accounts payable and accrued liabilities. We determine fair value of the derivative and th e earnout payments based on internally developed models that use assumptions or other data that are not readily observable from objective sources. The following tables present the fair value of our financial instruments that were carried or disclosed at fair value. Unless indicated, these items were carried at fair value on our consolidated balance sheets. There were no material transfers between Level 1, Level 2 or Level 3 in the first six months of 2015 and 2014 . Level 1 Level 2 Level 3 Total June 30, 2015 Fixed maturity securities U.S. government and government agency securities $ 68,889 $ 5,249 $ - $ 74,138 Fixed maturity securities of states, municipalities and political subdivisions - 815,755 - 815,755 Special purpose revenue bonds of states, municipalities and political subdivisions - 2,338,946 - 2,338,946 Corporate securities - 782,169 147 782,316 Residential mortgage-backed securities - 792,037 - 792,037 Commercial mortgage-backed securities - 532,689 - 532,689 Asset-backed securities - 372,791 - 372,791 Foreign government securities - 145,251 - 145,251 Foreign corporate securities - 442,333 - 442,333 Total fixed maturity securities 68,889 6,227,220 147 6,296,256 Equity securities 390,077 - - 390,077 Short-term investments* 154,674 128,746 - 283,420 Other investments** 17 - - 17 Restricted cash and securities - 3,780 - 3,780 Premium, claims and other receivables - 53,749 - 53,749 Other assets - - 1,632 1,632 Total assets measured at fair value $ 613,657 $ 6,413,495 $ 1,779 $ 7,028,931 Notes payable* $ - $ 951,601 $ - $ 951,601 Accounts payable and accrued liabilities - earnout liabilities - 3,780 7,530 11,310 Total liabilities measured at fair value $ - $ 955,381 $ 7,530 $ 962,911 __________ * Carried at cost or amortized cost on consolidated balance sheet. ** Excludes investment with a fair value of $ 24,940 that is measured at net asset value as a practical expedient. Level 1 Level 2 Level 3 Total December 31, 2014 Fixed maturity securities U.S. government and government agency securities $ 63,663 $ 7,306 $ - $ 70,969 Fixed maturity securities of states, municipalities and political subdivisions - 954,708 - 954,708 Special purpose revenue bonds of states, municipalities and political subdivisions - 2,389,012 - 2,389,012 Corporate securities - 798,421 148 798,569 Residential mortgage-backed securities - 821,694 - 821,694 Commercial mortgage-backed securities - 611,631 - 611,631 Asset-backed securities - 366,827 - 366,827 Foreign government securities - 118,692 - 118,692 Foreign corporate securities - 478,266 - 478,266 Total fixed maturity securities 63,663 6,546,557 148 6,610,368 Equity securities 296,352 - - 296,352 Short-term investments* 159,297 98,889 - 258,186 Restricted cash and securities - 2,729 - 2,729 Premium, claims and other receivables - 56,493 - 56,493 Other assets 18 - 1,306 1,324 Total assets measured at fair value $ 519,330 $ 6,704,668 $ 1,454 $ 7,225,452 Notes payable* $ - $ 875,094 $ - $ 875,094 Accounts payable and accrued liabilities - earnout liabilities - 2,729 8,744 11,473 Total liabilities measured at fair value $ - $ 877,823 $ 8,744 $ 886,567 __________ * Carried at cost or amortized cost on consolidated balance sheet.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Reinsurance [Abstract]
Reinsurance	( 6 ) Reinsurance In the normal course of business, our insurance companies cede a portion of their premium to reinsurers through treaty and facultative reinsurance agreements. Although reinsurance does not discharge the direct insurer from liability to its policyholder, our insurance companies participate in such agreements in order to limit their loss exposure, protect them against catastrophic losses and diversify their busin ess. The following tables present the effect of such reinsurance transactions on our premium, loss and loss adjustment expense and policy acquisition costs. Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Direct written premium $ 1,617,584 $ 1,369,751 $ 900,536 $ 749,239 Reinsurance assumed 186,305 209,700 77,217 83,490 Reinsurance ceded (368,840) (342,255) (211,620) (185,715) Net written premium $ 1,435,049 $ 1,237,196 $ 766,133 $ 647,014 Direct earned premium $ 1,445,719 $ 1,288,995 $ 742,135 $ 651,682 Reinsurance assumed 144,001 152,341 72,833 76,318 Reinsurance ceded (347,317) (306,476) (173,128) (155,752) Net earned premium $ 1,242,403 $ 1,134,860 $ 641,840 $ 572,248 Direct loss and loss adjustment expense $ 937,382 $ 743,616 $ 478,656 $ 383,987 Reinsurance assumed 38,930 63,274 11,714 21,472 Reinsurance ceded (215,845) (140,247) (95,065) (69,562) Net loss and loss adjustment expense $ 760,467 $ 666,643 $ 395,305 $ 335,897 Policy acquisition costs $ 238,995 $ 215,210 $ 123,925 $ 110,565 Ceding commissions (85,325) (73,199) (45,466) (37,595) Net policy acquisition costs $ 153,670 $ 142,011 $ 78,459 $ 72,970 The table below shows the components of our reinsurance recoverables in our consolidated balance sheets. June 30, December 31, 2015 2014 Reinsurance recoverable on paid losses $ 92,897 $ 99,937 Reinsurance recoverable on outstanding losses 439,252 443,059 Reinsurance recoverable on incurred but not reported losses 634,562 627,404 Reserve for uncollectible reinsurance (1,500) (1,500) Total reinsurance recoverables $ 1,165,211 $ 1,168,900 At each quarter end, we review our financial exposure to the reinsurance market based on our individual reinsurance recoverable balances as of the prior quarter end. We take actions to collect outstanding balances or to mitigate our exposure to possible uncollectible amounts. We had a $1.5 million reserve for potentially uncollectible amounts at June 30, 2015 . Reinsurance recoverables related to our settlement of Spanish surety bond claims totaled $ 78.1 million at June 30, 2015 , in cluding $ 40.8 million on paid losses. Our reinsurers have paid our reinsurance claims in full on a timely basis, with the exception of a small number of reinsurers that are currently in run-off and disputing balances owed us. Recoverables from these run- off reinsurers totaled $ 41.6 million, including $ 38.3 million on paid losses, at June 30, 2015 (at quarter-end foreign currency exchange rate). No payments have been received from these reinsurers despite their participation in contracts on ess entially the same terms of our other reinsurers. We are vigorously pursuing collection of these recoverables , including through arbitration where necessary, and believe these amounts are fully recoverable. Accordingly, we have not recorded a reserve for uncollectibility related to these amounts. While we believe our current reserve is adequate based on information currently available, market conditions may change or additional information might be obtained that may require us to change the reserve in the future.

Liability for Unpaid Loss and L

Liability for Unpaid Loss and Loss Adjustment Expense	6 Months Ended
	Jun. 30, 2015
Liability for Unpaid Loss and Loss Adjustment Expense
Liability For Future Policy Benefits And Unpaid Claims Disclosure TextBlock	(7 ) Liability for Unpaid Loss and Loss Adjustment Expense The table below provides a reconciliation of our liability for loss and loss adjustment expense payable (referred to as reserves). We recognized no prior year loss development in the first six months and second quarter of 2015 and 2014 . Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Reserves at beginning of period $ 3,728,085 $ 3,902,132 $ 3,692,522 $ 3,847,417 Less reinsurance recoverables on reserves 1,070,463 1,122,731 1,082,484 1,098,576 Net reserves at beginning of period 2,657,622 2,779,401 2,610,038 2,748,841 Net reserve additions from acquired business 8,743 - - - Net loss and loss adjustment expense 760,467 666,643 395,305 335,897 Net loss and loss adjustment expense payments (820,513) (691,775) (431,975) (327,917) Foreign currency adjustment (19,645) 5,979 13,306 3,427 Net reserves at end of period 2,586,674 2,760,248 2,586,674 2,760,248 Plus reinsurance recoverables on reserves 1,073,814 1,081,249 1,073,814 1,081,249 Reserves at end of period $ 3,660,488 $ 3,841,497 $ 3,660,488 $ 3,841,497

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Notes Payable	(8 ) Notes Payable Our notes payable consisted of the following: June 30, December 31, 2015 2014 6.30% Senior Notes $ 299,328 $ 299,251 $825.0 million Revolving Loan Facility 610,000 525,000 Total notes payable $ 909,328 $ 824,251 The re have been no changes to the terms and conditions related to our 6.30 % Senior Notes or the $ 825.0 million Revolving Loan Facility (the Facility) from those described in Note 7, “Notes Payable” to the Consol idated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2014 . We were in compliance with debt covenants related to our 6.30% Senior Notes and the Facility at June 30, 2015 . The weighted-average intere st rate on borrowings under the Facility at June 30, 2015 was 1.4 %. The borrowings and letters of credit issued under the Facility reduced our available borrowing capacity on the Facility to $ 210.1 million at June 30, 2015 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes [Text Block]	(9 ) Income Taxes The following table summarizes the differences between our effective tax rate for financial statement purposes and the Federal statutory rate. Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % Federal tax at statutory rate $ 92,885 $ 102,415 $ 40,095 $ 48,175 Nontaxable municipal bond interest and dividend received deduction (16,641) (17,783) (6,889) (8,856) State income taxes, net of federal tax benefit 1,439 1,650 722 816 Foreign income taxes 15,962 15,866 6,011 8,640 Foreign tax credit (15,628) (15,866) (5,852) (8,640) Indefinitely reinvested earnings of foreign subsidiaries (9,134) - - - Uncertain tax positions (net of federal tax benefit on state positions: $71 in 2015 and $183 in 2014) 2,178 452 (56) 132 Other, net 990 835 109 241 Income tax expense $ 72,051 $ 87,569 $ 34,140 $ 40,508 Effective tax rate 27.1 % 29.9 % 29.8 % 29.4 % Effective in the first quarter of 2015, we made an initial assertion that we would indefinitely reinvest the cumulative undistributed earnings of certain foreign subsidiaries primarily organized in the U.K. and Spain, which have statutory tax rates of 20. 0% and 28. 0%, respectively. We do not provide deferred tax liabilities on these undistributed earnings as they are essentially permanent in duration. For other foreign subsidiaries, we provide U.S. taxes on undistributed earnings at the U.S. statutory ra te of 35%, offset by an adjustment for foreign tax credits, when required. We made no similar assertion in 2014 or in any periods previously reported , and we previously provided U.S. taxes on all undistributed earnings of our foreign subsidiaries at the U .S. statutory rate of 35%, offset by an adjustment for foreign tax credits, when required . We continued to assert indefinite reversal of the undistributed earnings of these certain U.K. and Spain foreign subsidiaries in the second quarter of 2015 . Our 2015 assertion generated a tax benefit of $9.1 million, which included $ 5.9 million on cumulative undistributed foreign earnings through December 31, 2014 and $ 3.2 million on undistributed foreign earnings recorded in the first six months of 2015 . Our assertion excluded undistributed foreign earnings that previously have been taxed as deemed dividend inclusions under U.S. tax rules, as well as 2015 earnings for which an assertion cannot be made unless certain U.S. tax regulations are ex tended for 2015 and future years. At June 30, 2015 , our foreign earnings considered to be indefinitely reinvested outside the United States totaled $ 321.2 million, all of which are subject to U.S. taxes, offset by an adjustment for fore ign tax credits, if repatriated. In cases where we could not assert or do not intend to assert indefinite reinvestment of the undistributed earnings of certain foreign subsidiaries, we provided taxes on such undistributed earnings at the U.S. statutory ra te of 35.0%, offset by an adjustment for foreign tax credits, where applicable.

Income Taxes (Parentheticals)

Income Taxes (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Federal tax benefit on state positions	$ 71	$ 183

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income [Text Block]	(10) Accumulated Other Comprehensive Income The components of accumulated other comprehensive income in our consolidated balance sheets were as follows: Foreign Accumulated Net unrealized currency other investment translation comprehensive gains adjustment income Six months ended June 30, 2015 Balance at December 31, 2014 $ 169,984 $ 5,030 $ 175,014 Other comprehensive loss (59,239) (5,063) (64,302) Balance at June 30, 2015 $ 110,745 $ (33) $ 110,712 Three months ended June 30, 2015 Balance at March 31, 2015 $ 174,217 $ (1,955) $ 172,262 Other comprehensive income (loss) (63,472) 1,922 (61,550) Balance at June 30, 2015 $ 110,745 $ (33) $ 110,712

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	(11 ) Earnings Per Share The following table details the numerator and denominator used in our earnings per share calculations. Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Net earnings $ 193,334 $ 205,047 $ 80,417 $ 97,136 Less: net earnings attributable to unvested restricted stock (2,848) (3,282) (1,207) (1,590) Net earnings available to common stock $ 190,486 $ 201,765 $ 79,210 $ 95,546 Weighted-average common shares outstanding 94,522 98,551 94,165 98,442 Dilutive effect of outstanding securities (determined using treasury stock method) 276 240 293 218 Weighted-average common shares and potential common shares outstanding 94,798 98,791 94,458 98,660 Earnings per common share Basic $ 2.02 $ 2.05 $ 0.84 $ 0.97 Diluted $ 2.01 $ 2.04 $ 0.84 $ 0.97

Stock based Compensation

Stock based Compensation	6 Months Ended
	Jun. 30, 2015
Stock based Compensation [Abstract]
Stock based Compensation	(12 ) Stock-Based Compensation In 2015 , we granted the following shares of common stock, restricted stock and restricted stock units . Weighted-average Number grant date Aggregate Vesting of shares fair value fair value period Common stock 23 $ 58.17 $ 1,323 None Restricted stock 314 55.91 17,548 1 - 4 years Restricted stock units 6 56.43 349 4 years For common stock grants , we measure fair value based on the closing stock price of our common stock on the grant date and expense it on the grant date. Certain awards of restricted stock and restricted stock units contain a performance condition based on t he ultimate results for the applicable underwriting year. The number of such shares that vest could be higher or lower than i nitially granted. We measure fair value for these awards based on the closing price of our common stock on the grant date, and we recognize expense on a straight-line basis over the vesting period for those restricted stock awards or units expected to vest. C ertain of our executive officers were granted performance-based restricted stock in 2015. This restricted stock vests after three years and can vest from 0 % to 200 % of the initial shares granted. Ves ting is based equally on an operating retu rn on equity performance fa ctor and a total shareholder return p erformance factor. Under the terms of the Merger Agreement with T okio Marine, all outstanding options, restricted stock and restricted stock units will be settled at the acquisition date. All awards with a performan ce condition will settle at 100 % of the original shares granted .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(13 ) Commitments and Contingencies Catastrophe and Large Loss Exposure We have exposure to catastrophic and other large losses caused by natural perils (such as hurricanes, tornados, earthquakes, tsunamis, floods, droughts and hail storms), and man-made events (such as terrorist attacks). The incidence, timing and severity of these losses are unpredictable. We assess our exposures in areas most vulnerable to natural catastrophes and apply procedures to ascertain our probable maximum loss from a single event. We maintain reinsurance protection to reduce our potential losses from a future event . In the first six months of 2015 and 2014 , we recognized accident year net catastrophe losses, after reinsurance and reinstatement pre mium, of $ 1 0.5 million and $ 9.5 million, respectively, related to various small catastrophes. Litigation We are a party to lawsuits, arbitrations and other proceedings that arise in the normal course of our business . Many of such lawsuits, arbitrations and other proceedings involve claims under policies that we underwrite as an insurer or reinsurer, the liabilities for which, we believe, have been adequately included in our loss reserves. Also, from time to time, we are a party to lawsuits, arbitrations and other proceedings that relate to disputes with third parties, or that involve alleged errors and omissions on the part of our subsidiaries. On June 16, 2015, Albert Ari filed a complaint naming HCC , T okio Marin e Holdings, Inc. and TMGC Investment (Delaware) Inc. and each member of our board of directors as defendants (Albert Ari v. Christopher J.B. Williams et. a l . , No. 15-11159). On June 18, 2015, Susan Paskow i t z filed a complaint naming HCC , Tokio Marine Hold ings, Inc. and TMGC Investment (Delaware) Inc. and each member of our board of directors as defendants (Susan Paskowitz v. Emma n uel T. Ballases et. al., No. 15-11171). These two complaints are referred to herein as the SH Complaints. The SH Complaints are pending in the Court of Chancery of the State of Delaware. The plaintiffs in the SH Complaints allege, among other things, that our directors breached their fiduciary duty to our share holders by approving the merger and failing to take steps to maximize HCC’s value. The plaintiffs also allege that Tokio Marine Holdings, Inc. and TM GC Investment (Delaware) Inc. aided and abetted the alleged breaches of fiduciary duties. The SH Complaints seek, among other things, an order enjoining the acquisition, compe nsatory damages and an award of attorneys’ fees and costs. On July 9, 2015, the SH Complaints were consolidated as In Re HCC Insurance Holdings, Inc. Stockholder Litigation, No. 11159-CB. On July 15, 2015, Intellectual Ventures I LLC and Intellectual Ven tures II LLC (collectively, Intellectual Ventures) served a complaint naming us and certain of our subsidiaries as defendants (Intellectual Ventures I LLC et. al. v. HCC Insurance Holdings, Inc. et. al., No. 15-cv-00660) (IV Complaint). The IV Complaint is pending in the United States District Court for the Eastern District of Texas. Intellectual Ventures alleges that we infringed on certain patents and seeks damages, costs, expenses, and pre-judgment and post-judgment interest for the alleged infringeme nt, in addition to injunctive relief. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from our outside legal counsel, we believe the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or cash flows. In vestment s In 2015, we entered into an agreement to invest up to $ 150.0 million in a middle market senior loan program. At June 30, 2015, our remaining commitment was $ 147.0 million. Indemnifications In conjunction with the sales of business assets and subsidiaries, we have provided indemnifications to the buyers. Certain indemnifications cover typical representations and warranties related to our responsibilities to perform under the sales contracts. Under other indemnifications, we agree to reimburse the purchasers for taxes or ERISA-related amounts, if any, assessed after the sale date but related to pre-sale activities. We cannot quantify the maximum potential exposure covered by all of our indemnifications because the indemnifications cover a variety of matters, operations and scenarios and some have no time limit. For those with a time limit, the longest indemnification expires in 2025 . We accrue a loss when a valid claim i s made by a purchaser and we believe we have potential exposure.

Supplemental Information

Supplemental Information	6 Months Ended
	Jun. 30, 2015
Supplemental Information [Abstract]
Supplemental Information	( 14 ) Supplemental Information Supplemental cash flow information was as follows: Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Income taxes paid $ 86,185 $ 70,413 $ 57,259 $ 70,891 Interest paid 14,022 14,984 11,861 13,445 Proceeds from sales of available for sale fixed maturity securities 398,848 286,843 231,642 167,832 Proceeds from sales of equity securities 71,970 170,182 5,558 26,107 Dividends declared but not paid at end of period 28,172 22,493

General Information (Policies)

General Information (Policies)	6 Months Ended
	Jun. 30, 2015
General Information [Abstract]
Agriculture Premium and Receivables	New Accounting and Reporting Policies The following policie s changed in 2015: Agriculture The majority of premium writte n in our new agriculture business relates to multi-peril crop insurance (MPCI), written through the federal crop insurance program administered by the U.S. Department of Agriculture’s Risk Management Agency and the Federal Crop Insurance Corporation (FCIC). We record written pre mium for our agriculture business as we process acreage reports received from the policyholders. Written premium is earned ratably over the period of risk commencing on the final planting date set by the FCIC , which approximates the start of planting season, and ending on the estimated crop harvest date. W e have a net receivable ( payable ) due from ( to ) the FCIC for settlement of MPCI reinsurance . If a net receivable , it is reflected in our consolidated balance sheet with premium, claims and other receivables . I f a net payable, it is reflected in our consolidated balance sheet with reinsurance, premium and claims payable.

Investments (Policies)

Investments (Policies)	6 Months Ended
	Jun. 30, 2015
Investment [Abstract]
Investments	Other investments primarily includes an investment in a fund that is carried at the net asset value of the fund. Changes in the net asset value are included in net investment income in our consolidated statements of earnings .

Income Taxes (Policies)

Income Taxes (Policies)	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income taxes	We do not provide deferred tax liabilities on these undistributed earnings as they are essentially permanent in duration. For other foreign subsidiaries, we provide U.S. taxes on undistributed earnings at the U.S. statutory ra te of 35%, offset by an adjustment for foreign tax credits, when required. We made no similar assertion in 2014 or in any periods previously reported , and we previously provided U.S. taxes on all undistributed earnings of our foreign subsidiaries at the U .S. statutory rate of 35%, offset by an adjustment for foreign tax credits, when required .

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Assumed	Assets Investments – Fixed maturity securities $ 8,008 Cash 18,979 Premium, claims and other receivables 179,451 Reinsurance recoverables 197,292 Ceded unearned premium 33,127 Other assets 72,347 Total identifiable assets acquired 509,204 Liabilities Loss and loss adjustment expense payable 202,265 Reinsurance, premium and claims payable 131,677 Unearned premium 56,946 Notes payable 15,004 Accounts payable and accrued liabilities 48,049 Total liabilities assumed 453,941 Net identifiable assets acquired 55,263 Goodwill 47,145 Net assets acquired $ 102,408

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segments [Abstract]
Information by business segment	North America Property Accident Corporate & Casualty & Health International Investing & Other Consolidated Six months ended June 30, 2015 Net earned premium $ 460,669 $ 510,613 $ 271,121 $ - $ - $ 1,242,403 Other revenue 12,664 3,919 1,922 121,979 414 140,898 Segment revenue 473,333 514,532 273,043 121,979 414 1,383,301 Loss and LAE 266,270 373,940 119,718 - 539 760,467 Other expense 138,467 79,639 99,192 - 40,151 357,449 Segment expense 404,737 453,579 218,910 - 40,690 1,117,916 Segment pretax earnings (loss) $ 68,596 $ 60,953 $ 54,133 $ 121,979 $ (40,276) $ 265,385 Six months ended June 30, 2014 Net earned premium $ 397,855 $ 472,481 $ 263,904 $ - $ 620 $ 1,134,860 Other revenue 10,352 5,502 1,831 138,395 1,564 157,644 Segment revenue 408,207 477,983 265,735 138,395 2,184 1,292,504 Loss and LAE 208,290 344,944 112,832 - 577 666,643 Other expense 115,688 70,605 95,820 - 51,132 333,245 Segment expense 323,978 415,549 208,652 - 51,709 999,888 Segment pretax earnings (loss) $ 84,229 $ 62,434 $ 57,083 $ 138,395 $ (49,525) $ 292,616 Three months ended June 30, 2015 Net earned premium $ 251,430 $ 255,663 $ 134,744 $ - $ 3 $ 641,840 Other revenue 6,562 1,906 914 55,311 318 65,011 Segment revenue 257,992 257,569 135,658 55,311 321 706,851 Loss and LAE 149,834 186,929 58,275 - 267 395,305 Other expense 70,119 40,974 51,881 - 34,015 196,989 Segment expense 219,953 227,903 110,156 - 34,282 592,294 Segment pretax earnings (loss) $ 38,039 $ 29,666 $ 25,502 $ 55,311 $ (33,961) $ 114,557 Three months ended June 30, 2014 Net earned premium $ 196,521 $ 240,338 $ 135,060 $ - $ 329 $ 572,248 Other revenue 4,921 3,862 855 61,343 345 71,326 Segment revenue 201,442 244,200 135,915 61,343 674 643,574 Loss and LAE 104,737 174,139 56,518 - 503 335,897 Other expense 58,150 36,032 49,345 - 26,506 170,033 Segment expense 162,887 210,171 105,863 - 27,009 505,930 Segment pretax earnings (loss) $ 38,555 $ 34,029 $ 30,052 $ 61,343 $ (26,335) $ 137,644
Schedule Of Goodwill [Table Text Block]	North America Propert y Accident & Casualty & Health International Total Balance at beginning of year $ 552,006 $ 144,113 $ 209,517 $ 905,636 Acquisition of ProAg 47,145 - - 47,145 Other, principally foreign exchange 99 - (750) (651) Balance at June 30, 2015 $ 599,250 $ 144,113 $ 208,767 $ 952,130
Total assets by segment [Table Text Block]	June 30, December 31, 2015 2014 North America Property & Casualty $ 2,465,227 $ 1,894,756 Accident & Health 243,105 242,278 International 1,131,605 1,073,889 Investing 7,052,910 7,228,608 Corporate & Other 248,083 274,815 Total $ 11,140,930 $ 10,714,346

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investment [Abstract]
Fixed Maturity & Equity Securities Available For Sale	Cost or Gross Gross amortized unrealized unrealized cost gain loss Fair value June 30, 2015 U.S. government and government agency securities $ 73,501 $ 697 $ (60) $ 74,138 Fixed maturity securities of states, municipalities and political subdivisions 775,017 42,911 (2,173) 815,755 Special purpose revenue bonds of states, municipalities and political subdivisions 2,240,251 106,213 (7,518) 2,338,946 Corporate securities 771,109 17,648 (6,441) 782,316 Residential mortgage-backed securities 784,457 14,943 (7,363) 792,037 Commercial mortgage-backed securities 521,110 13,853 (2,274) 532,689 Asset-backed securities 373,117 530 (856) 372,791 Foreign government securities 145,905 830 (1,484) 145,251 Foreign corporate securities 447,779 7,140 (12,586) 442,333 Total fixed maturity securities $ 6,132,246 $ 204,765 $ (40,755) $ 6,296,256 Equity securities $ 382,550 $ 29,918 $ (22,391) $ 390,077 December 31, 2014 U.S. government and government agency securities $ 70,279 $ 827 $ (137) $ 70,969 Fixed maturity securities of states, municipalities and political subdivisions 896,130 58,738 (160) 954,708 Special purpose revenue bonds of states, municipalities and political subdivisions 2,246,707 143,291 (986) 2,389,012 Corporate securities 777,242 25,983 (4,656) 798,569 Residential mortgage-backed securities 805,458 20,215 (3,979) 821,694 Commercial mortgage-backed securities 593,956 19,707 (2,032) 611,631 Asset-backed securities 369,103 316 (2,592) 366,827 Foreign government securities 119,479 767 (1,554) 118,692 Foreign corporate securities 474,383 10,776 (6,893) 478,266 Total fixed maturity securities $ 6,352,737 $ 280,620 $ (22,989) $ 6,610,368 Equity securities $ 291,070 $ 24,069 $ (18,787) $ 296,352
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position	Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value losses Fair value losses Fair value losses June 30, 2015 Fixed maturity securities U.S. government and government agency securities $ 9,018 $ (53) $ 3,985 $ (7) $ 13,003 $ (60) Fixed maturity securities of states, municipalities and political subdivisions 119,543 (2,173) - - 119,543 (2,173) Special purpose revenue bonds of states, municipalities and political subdivisions 437,071 (6,738) 18,348 (780) 455,419 (7,518) Corporate securities 258,668 (4,594) 40,654 (1,847) 299,322 (6,441) Residential mortgage-backed securities 271,212 (4,160) 98,727 (3,203) 369,939 (7,363) Commercial mortgage-backed securities 107,636 (1,338) 24,216 (936) 131,852 (2,274) Asset-backed securities 150,415 (269) 72,839 (587) 223,254 (856) Foreign government securities 30,582 (1,052) 12,893 (432) 43,475 (1,484) Foreign corporate securities 171,921 (7,203) 42,054 (5,383) 213,975 (12,586) Equity securities 169,836 (16,423) 23,288 (5,968) 193,124 (22,391) Total $ 1,725,902 $ (44,003) $ 337,004 $ (19,143) $ 2,062,906 $ (63,146) December 31, 2014 Fixed maturity securities U.S. government and government agency securities $ 14,813 $ (8) $ 11,236 $ (129) $ 26,049 $ (137) Fixed maturity securities of states, municipalities and political subdivisions 3,857 (21) 19,337 (139) 23,194 (160) Special purpose revenue bonds of states, municipalities and political subdivisions 4,041 (19) 100,947 (967) 104,988 (986) Corporate securities 211,111 (2,498) 48,091 (2,158) 259,202 (4,656) Residential mortgage-backed securities 37,434 (100) 226,256 (3,879) 263,690 (3,979) Commercial mortgage-backed securities 5,228 (26) 99,868 (2,006) 105,096 (2,032) Asset-backed securities 181,579 (1,245) 78,797 (1,347) 260,376 (2,592) Foreign government securities 55,280 (1,498) 7,187 (56) 62,467 (1,554) Foreign corporate securities 182,163 (4,587) 21,571 (2,306) 203,734 (6,893) Equity securities 111,251 (17,839) 3,934 (948) 115,185 (18,787) Total $ 806,757 $ (27,841) $ 617,224 $ (13,935) $ 1,423,981 $ (41,776)
Amortized cost and fair value of fixed maturity securities investments classified by contractual maturity date	Cost or amortized cost Fair value Due in 1 year or less $ 164,158 $ 160,738 Due after 1 year through 5 years 1,133,253 1,158,235 Due after 5 years through 10 years 1,223,353 1,277,278 Due after 10 years through 15 years 874,072 914,971 Due after 15 years 1,058,726 1,087,517 Securities with contractual maturities 4,453,562 4,598,739 Mortgage-backed and asset-backed securities 1,678,684 1,697,517 Total fixed maturity securities $ 6,132,246 $ 6,296,256
Realized pretax gains (losses) on the sale of investments	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Gains Fixed maturity securities $ 18,505 $ 6,150 $ 4,629 $ 5,018 Equity securities 10,748 25,863 437 1,425 Total gains 29,253 32,013 5,066 6,443 Losses Fixed maturity securities (1,934) (3,688) (462) (1,533) Equity securities (13,560) (3,174) (4,031) (5) Total losses (15,494) (6,862) (4,493) (1,538) Net Fixed maturity securities 16,571 2,462 4,167 3,485 Equity securities (2,812) 22,689 (3,594) 1,420 Net realized investment gain $ 13,759 $ 25,151 $ 573 $ 4,905

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Assets and liabilities at fair value	Level 1 Level 2 Level 3 Total June 30, 2015 Fixed maturity securities U.S. government and government agency securities $ 68,889 $ 5,249 $ - $ 74,138 Fixed maturity securities of states, municipalities and political subdivisions - 815,755 - 815,755 Special purpose revenue bonds of states, municipalities and political subdivisions - 2,338,946 - 2,338,946 Corporate securities - 782,169 147 782,316 Residential mortgage-backed securities - 792,037 - 792,037 Commercial mortgage-backed securities - 532,689 - 532,689 Asset-backed securities - 372,791 - 372,791 Foreign government securities - 145,251 - 145,251 Foreign corporate securities - 442,333 - 442,333 Total fixed maturity securities 68,889 6,227,220 147 6,296,256 Equity securities 390,077 - - 390,077 Short-term investments* 154,674 128,746 - 283,420 Other investments** 17 - - 17 Restricted cash and securities - 3,780 - 3,780 Premium, claims and other receivables - 53,749 - 53,749 Other assets - - 1,632 1,632 Total assets measured at fair value $ 613,657 $ 6,413,495 $ 1,779 $ 7,028,931 Notes payable* $ - $ 951,601 $ - $ 951,601 Accounts payable and accrued liabilities - earnout liabilities - 3,780 7,530 11,310 Total liabilities measured at fair value $ - $ 955,381 $ 7,530 $ 962,911 Level 1 Level 2 Level 3 Total December 31, 2014 Fixed maturity securities U.S. government and government agency securities $ 63,663 $ 7,306 $ - $ 70,969 Fixed maturity securities of states, municipalities and political subdivisions - 954,708 - 954,708 Special purpose revenue bonds of states, municipalities and political subdivisions - 2,389,012 - 2,389,012 Corporate securities - 798,421 148 798,569 Residential mortgage-backed securities - 821,694 - 821,694 Commercial mortgage-backed securities - 611,631 - 611,631 Asset-backed securities - 366,827 - 366,827 Foreign government securities - 118,692 - 118,692 Foreign corporate securities - 478,266 - 478,266 Total fixed maturity securities 63,663 6,546,557 148 6,610,368 Equity securities 296,352 - - 296,352 Short-term investments* 159,297 98,889 - 258,186 Restricted cash and securities - 2,729 - 2,729 Premium, claims and other receivables - 56,493 - 56,493 Other assets 18 - 1,306 1,324 Total assets measured at fair value $ 519,330 $ 6,704,668 $ 1,454 $ 7,225,452 Notes payable* $ - $ 875,094 $ - $ 875,094 Accounts payable and accrued liabilities - earnout liabilities - 2,729 8,744 11,473 Total liabilities measured at fair value $ - $ 877,823 $ 8,744 $ 886,567

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Reinsurance [Abstract]
Effect of reinsurance transactions on our premium, loss and loss adjustment expense and policy acquisition costs	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Direct written premium $ 1,617,584 $ 1,369,751 $ 900,536 $ 749,239 Reinsurance assumed 186,305 209,700 77,217 83,490 Reinsurance ceded (368,840) (342,255) (211,620) (185,715) Net written premium $ 1,435,049 $ 1,237,196 $ 766,133 $ 647,014 Direct earned premium $ 1,445,719 $ 1,288,995 $ 742,135 $ 651,682 Reinsurance assumed 144,001 152,341 72,833 76,318 Reinsurance ceded (347,317) (306,476) (173,128) (155,752) Net earned premium $ 1,242,403 $ 1,134,860 $ 641,840 $ 572,248 Direct loss and loss adjustment expense $ 937,382 $ 743,616 $ 478,656 $ 383,987 Reinsurance assumed 38,930 63,274 11,714 21,472 Reinsurance ceded (215,845) (140,247) (95,065) (69,562) Net loss and loss adjustment expense $ 760,467 $ 666,643 $ 395,305 $ 335,897 Policy acquisition costs $ 238,995 $ 215,210 $ 123,925 $ 110,565 Ceding commissions (85,325) (73,199) (45,466) (37,595) Net policy acquisition costs $ 153,670 $ 142,011 $ 78,459 $ 72,970
Components of our reinsurance recoverables	June 30, December 31, 2015 2014 Reinsurance recoverable on paid losses $ 92,897 $ 99,937 Reinsurance recoverable on outstanding losses 439,252 443,059 Reinsurance recoverable on incurred but not reported losses 634,562 627,404 Reserve for uncollectible reinsurance (1,500) (1,500) Total reinsurance recoverables $ 1,165,211 $ 1,168,900

Liability for Unpaid Loss and32

Liability for Unpaid Loss and Loss Adjustment Expense (Tables)	6 Months Ended
	Jun. 30, 2015
Liability for Unpaid Loss and Loss Adjustment Expense
Rollforward of Liability for Unpaid Loss and Loss Adjustment Expense	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Reserves at beginning of period $ 3,728,085 $ 3,902,132 $ 3,692,522 $ 3,847,417 Less reinsurance recoverables on reserves 1,070,463 1,122,731 1,082,484 1,098,576 Net reserves at beginning of period 2,657,622 2,779,401 2,610,038 2,748,841 Net reserve additions from acquired business 8,743 - - - Net loss and loss adjustment expense 760,467 666,643 395,305 335,897 Net loss and loss adjustment expense payments (820,513) (691,775) (431,975) (327,917) Foreign currency adjustment (19,645) 5,979 13,306 3,427 Net reserves at end of period 2,586,674 2,760,248 2,586,674 2,760,248 Plus reinsurance recoverables on reserves 1,073,814 1,081,249 1,073,814 1,081,249 Reserves at end of period $ 3,660,488 $ 3,841,497 $ 3,660,488 $ 3,841,497

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Notes Payable	June 30, December 31, 2015 2014 6.30% Senior Notes $ 299,328 $ 299,251 $825.0 million Revolving Loan Facility 610,000 525,000 Total notes payable $ 909,328 $ 824,251

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % Federal tax at statutory rate $ 92,885 $ 102,415 $ 40,095 $ 48,175 Nontaxable municipal bond interest and dividend received deduction (16,641) (17,783) (6,889) (8,856) State income taxes, net of federal tax benefit 1,439 1,650 722 816 Foreign income taxes 15,962 15,866 6,011 8,640 Foreign tax credit (15,628) (15,866) (5,852) (8,640) Indefinitely reinvested earnings of foreign subsidiaries (9,134) - - - Uncertain tax positions (net of federal tax benefit on state positions: $71 in 2015 and $183 in 2014) 2,178 452 (56) 132 Other, net 990 835 109 241 Income tax expense $ 72,051 $ 87,569 $ 34,140 $ 40,508 Effective tax rate 27.1 % 29.9 % 29.8 % 29.4 %

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income [Table Text Block]	Foreign Accumulated Net unrealized currency other investment translation comprehensive gains adjustment income Six months ended June 30, 2015 Balance at December 31, 2014 $ 169,984 $ 5,030 $ 175,014 Other comprehensive loss (59,239) (5,063) (64,302) Balance at June 30, 2015 $ 110,745 $ (33) $ 110,712 Three months ended June 30, 2015 Balance at March 31, 2015 $ 174,217 $ (1,955) $ 172,262 Other comprehensive income (loss) (63,472) 1,922 (61,550) Balance at June 30, 2015 $ 110,745 $ (33) $ 110,712

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Net earnings $ 193,334 $ 205,047 $ 80,417 $ 97,136 Less: net earnings attributable to unvested restricted stock (2,848) (3,282) (1,207) (1,590) Net earnings available to common stock $ 190,486 $ 201,765 $ 79,210 $ 95,546 Weighted-average common shares outstanding 94,522 98,551 94,165 98,442 Dilutive effect of outstanding securities (determined using treasury stock method) 276 240 293 218 Weighted-average common shares and potential common shares outstanding 94,798 98,791 94,458 98,660 Earnings per common share Basic $ 2.02 $ 2.05 $ 0.84 $ 0.97 Diluted $ 2.01 $ 2.04 $ 0.84 $ 0.97

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Schedule of Share-based Compensation, Common Stock, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted-average Number grant date Aggregate Vesting of shares fair value fair value period Common stock 23 $ 58.17 $ 1,323 None Restricted stock 314 55.91 17,548 1 - 4 years Restricted stock units 6 56.43 349 4 years

Supplemental Information (Table

Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Information [Abstract]
Supplemental Information	Six months ended June 30, Three months ended June 30, 2015 2014 2015 2014 Income taxes paid $ 86,185 $ 70,413 $ 57,259 $ 70,891 Interest paid 14,022 14,984 11,861 13,445 Proceeds from sales of available for sale fixed maturity securities 398,848 286,843 231,642 167,832 Proceeds from sales of equity securities 71,970 170,182 5,558 26,107 Dividends declared but not paid at end of period 28,172 22,493

General Information (Details Te

General Information (Details Textuals) - Jun. 30, 2015 $ / shares in Units, $ in Millions	USD ($)countries$ / shares
General Information [Abstract]
Number of countries in which The Company underwrites non-correlated specialty insurance products | countries	180
Vesting Percentage Upon Change in Control	100.00%
Cash consideration expected to be received in merger per share	$ 78
Merger termination fee | $	$ 187.5

Acquisition (Fair values of ass

Acquisition (Fair values of assets acquired and liabilities assumed) (Details) $ in Thousands	Jan. 01, 2015USD ($)
Business Combinations [Abstract]
Investments - Fixed Maturity Securities	$ 8,008
Cash	18,979
Premium, claims and other receivables	179,451
Reinsurance recoverables	197,292
Ceded unearned premium	33,127
Other assets	72,347
Total identifiable assets acquired	509,204
Loss and loss adjustment expense payable	202,265
Reinsurance, premium and claims payable	131,677
Unearned premium	56,946
Notes payable	15,004
Accounts payable and accrued liabilities	48,049
Total liabilities assumed	453,941
Net identifiable assets acquired	55,263
Goodwill	47,145
Net assets acquired	$ 102,408

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details Textuals) - Jan. 01, 2015 - USD ($) $ in Thousands	Total
Business Combinations [Abstract]
Goodwill	$ 47,145
Cash paid to acquire an entity	102,400
Finite Lived Intangible Assets (Line Items)
Intangible Assets as of the Acquisition Date	54,000
Indefinite-lived intangible assets	$ 23,000
Percentage of ProAg 2014 Business Ceded to FCIC and Third Party Reinsurers	100.00%
Agent relationships [Member]
Finite Lived Intangible Assets (Line Items)
Useful lives of finite-lived intangible assets acquired, years	15 years
Acquired Finite-lived intangible assets	$ 23,000
Trade name [Member]
Finite Lived Intangible Assets (Line Items)
Useful lives of finite-lived intangible assets acquired, years	10 years
Acquired Finite-lived intangible assets	$ 8,000

Segments Pretax Earnings by Seg

Segments Pretax Earnings by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Information by business segment
Net earned premium	$ 641,840	$ 572,248	$ 1,242,403	$ 1,134,860
Other revenue	65,011	71,326	140,898	157,644
Total revenue	706,851	643,574	1,383,301	1,292,504
Loss and LAE	395,305	335,897	760,467	666,643
Other expense	196,989	170,033	357,449	333,245
Total expense	592,294	505,930	1,117,916	999,888
Earnings before income taxes	114,557	137,644	265,385	292,616
North America Property & Casualty [Member]
Information by business segment
Net earned premium	251,430	196,521	460,669	397,855
Other revenue	6,562	4,921	12,664	10,352
Total revenue	257,992	201,442	473,333	408,207
Loss and LAE	149,834	104,737	266,270	208,290
Other expense	70,119	58,150	138,467	115,688
Total expense	219,953	162,887	404,737	323,978
Earnings before income taxes	38,039	38,555	68,596	84,229
Accident & Health [Member]
Information by business segment
Net earned premium	255,663	240,338	510,613	472,481
Other revenue	1,906	3,862	3,919	5,502
Total revenue	257,569	244,200	514,532	477,983
Loss and LAE	186,929	174,139	373,940	344,944
Other expense	40,974	36,032	79,639	70,605
Total expense	227,903	210,171	453,579	415,549
Earnings before income taxes	29,666	34,029	60,953	62,434
International [Member]
Information by business segment
Net earned premium	134,744	135,060	271,121	263,904
Other revenue	914	855	1,922	1,831
Total revenue	135,658	135,915	273,043	265,735
Loss and LAE	58,275	56,518	119,718	112,832
Other expense	51,881	49,345	99,192	95,820
Total expense	110,156	105,863	218,910	208,652
Earnings before income taxes	25,502	30,052	54,133	57,083
Investing [Member]
Information by business segment
Net earned premium	0	0	0	0
Other revenue	55,311	61,343	121,979	138,395
Total revenue	55,311	61,343	121,979	138,395
Loss and LAE	0	0	0	0
Other expense	0	0	0	0
Total expense	0	0	0	0
Earnings before income taxes	55,311	61,343	121,979	138,395
Corporate & Other [Member]
Information by business segment
Net earned premium	3	329	0	620
Other revenue	318	345	414	1,564
Total revenue	321	674	414	2,184
Loss and LAE	267	503	539	577
Other expense	34,015	26,506	40,151	51,132
Total expense	34,282	27,009	40,690	51,709
Earnings before income taxes	$ (33,961)	$ (26,335)	$ (40,276)	$ (49,525)

Segments (Goodwill Rollforward)

Segments (Goodwill Rollforward) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Goodwill [Line Items]
Balance at beginning of year	$ 905,636
Acquisition of ProAg	47,145
Other, principally foreign exchange	(651)
Balance at June 30, 2015	952,130
North America Property & Casualty [Member]
Goodwill [Line Items]
Balance at beginning of year	552,006
Acquisition of ProAg	47,145
Other, principally foreign exchange	99
Balance at June 30, 2015	599,250
Accident & Health [Member]
Goodwill [Line Items]
Balance at beginning of year	144,113
Acquisition of ProAg	0
Other, principally foreign exchange	0
Balance at June 30, 2015	144,113
International [Member]
Goodwill [Line Items]
Balance at beginning of year	209,517
Acquisition of ProAg	0
Other, principally foreign exchange	(750)
Balance at June 30, 2015	$ 208,767

Segments (Assets by Segment) (D

Segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 11,140,930	$ 10,714,346
North America Property & Casualty [Member]
Segment Reporting Information [Line Items]
Assets	2,465,227	1,894,756
Accident & Health [Member]
Segment Reporting Information [Line Items]
Assets	243,105	242,278
International [Member]
Segment Reporting Information [Line Items]
Assets	1,131,605	1,073,889
Investing [Member]
Segment Reporting Information [Line Items]
Assets	7,052,910	7,228,608
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Assets	$ 248,083	$ 274,815

Investments (Schedule of Availa

Investments (Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	$ 6,132,246	$ 6,352,737
Gross unrealized gain	204,765	280,620
Gross unrealized loss	(40,755)	(22,989)
Fixed maturity securities - available for sale	6,296,256	6,610,368
Available for sale equity securities
Available-for-sale Equity Securities, Amortized Cost Basis	382,550	291,070
Gross unrealized gain	29,918	24,069
Gross unrealized loss	(22,391)	(18,787)
Available-for-sale Securities, Equity Securities	390,077	296,352
US Government and Government Agency Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	73,501	70,279
Gross unrealized gain	697	827
Gross unrealized loss	(60)	(137)
Fixed maturity securities - available for sale	74,138	70,969
Fixed Maturity Securities of States, Municipalities and Political Subdivisions Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	775,017	896,130
Gross unrealized gain	42,911	58,738
Gross unrealized loss	(2,173)	(160)
Fixed maturity securities - available for sale	815,755	954,708
Special Purpose Revenue Bonds Of States Municipalities And Political Subdivisions [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	2,240,251	2,246,707
Gross unrealized gain	106,213	143,291
Gross unrealized loss	(7,518)	(986)
Fixed maturity securities - available for sale	2,338,946	2,389,012
Corporate Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	771,109	777,242
Gross unrealized gain	17,648	25,983
Gross unrealized loss	(6,441)	(4,656)
Fixed maturity securities - available for sale	782,316	798,569
Residential Mortgage Backed Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	784,457	805,458
Gross unrealized gain	14,943	20,215
Gross unrealized loss	(7,363)	(3,979)
Fixed maturity securities - available for sale	792,037	821,694
Commercial Mortgage Backed Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	521,110	593,956
Gross unrealized gain	13,853	19,707
Gross unrealized loss	(2,274)	(2,032)
Fixed maturity securities - available for sale	532,689	611,631
Asset-backed Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	373,117	369,103
Gross unrealized gain	530	316
Gross unrealized loss	(856)	(2,592)
Fixed maturity securities - available for sale	372,791	366,827
Foreign Government Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	145,905	119,479
Gross unrealized gain	830	767
Gross unrealized loss	(1,484)	(1,554)
Fixed maturity securities - available for sale	145,251	118,692
Foreign Corporate Securities [Member]
Fixed Maturity & Equity Securities Available for Sale
Available-for-sale Fixed Maturity Securities, Amortized Cost Basis	447,779	474,383
Gross unrealized gain	7,140	10,776
Gross unrealized loss	(12,586)	(6,893)
Fixed maturity securities - available for sale	$ 442,333	$ 478,266

Investments (Securities in Unre

Investments (Securities in Unrealized Loss Position) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	$ 1,725,902	$ 806,757
Less than 12 months, Unrealized losses	(44,003)	(27,841)
12 months or more, Fair value	337,004	617,224
12 months or more, Unrealized losses	(19,143)	(13,935)
Total, Fair value	2,062,906	1,423,981
Total, Unrealized losses	(63,146)	(41,776)
US Government and Government Agency Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	9,018	14,813
Less than 12 months, Unrealized losses	(53)	(8)
12 months or more, Fair value	3,985	11,236
12 months or more, Unrealized losses	(7)	(129)
Total, Fair value	13,003	26,049
Total, Unrealized losses	(60)	(137)
Fixed Maturity Securities of States, Municipalities and Political Subdivisions Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	119,543	3,857
Less than 12 months, Unrealized losses	(2,173)	(21)
12 months or more, Fair value	0	19,337
12 months or more, Unrealized losses	0	(139)
Total, Fair value	119,543	23,194
Total, Unrealized losses	(2,173)	(160)
Special Purpose Revenue Bonds Of States Municipalities And Political Subdivisions [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	437,071	4,041
Less than 12 months, Unrealized losses	(6,738)	(19)
12 months or more, Fair value	18,348	100,947
12 months or more, Unrealized losses	(780)	(967)
Total, Fair value	455,419	104,988
Total, Unrealized losses	(7,518)	(986)
Corporate Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	258,668	211,111
Less than 12 months, Unrealized losses	(4,594)	(2,498)
12 months or more, Fair value	40,654	48,091
12 months or more, Unrealized losses	(1,847)	(2,158)
Total, Fair value	299,322	259,202
Total, Unrealized losses	(6,441)	(4,656)
Residential Mortgage Backed Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	271,212	37,434
Less than 12 months, Unrealized losses	(4,160)	(100)
12 months or more, Fair value	98,727	226,256
12 months or more, Unrealized losses	(3,203)	(3,879)
Total, Fair value	369,939	263,690
Total, Unrealized losses	(7,363)	(3,979)
Commercial Mortgage Backed Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	107,636	5,228
Less than 12 months, Unrealized losses	(1,338)	(26)
12 months or more, Fair value	24,216	99,868
12 months or more, Unrealized losses	(936)	(2,006)
Total, Fair value	131,852	105,096
Total, Unrealized losses	(2,274)	(2,032)
Asset-backed Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	150,415	181,579
Less than 12 months, Unrealized losses	(269)	(1,245)
12 months or more, Fair value	72,839	78,797
12 months or more, Unrealized losses	(587)	(1,347)
Total, Fair value	223,254	260,376
Total, Unrealized losses	(856)	(2,592)
Foreign Government Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	30,582	55,280
Less than 12 months, Unrealized losses	(1,052)	(1,498)
12 months or more, Fair value	12,893	7,187
12 months or more, Unrealized losses	(432)	(56)
Total, Fair value	43,475	62,467
Total, Unrealized losses	(1,484)	(1,554)
Foreign Corporate Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	171,921	182,163
Less than 12 months, Unrealized losses	(7,203)	(4,587)
12 months or more, Fair value	42,054	21,571
12 months or more, Unrealized losses	(5,383)	(2,306)
Total, Fair value	213,975	203,734
Total, Unrealized losses	(12,586)	(6,893)
Equity Securities [Member]
Gross unrealized losses and fair value of all available for sale securities that were in a continuous loss position
Less than 12 months, Fair value	169,836	111,251
Less than 12 months, Unrealized losses	(16,423)	(17,839)
12 months or more, Fair value	23,288	3,934
12 months or more, Unrealized losses	(5,968)	(948)
Total, Fair value	193,124	115,185
Total, Unrealized losses	$ (22,391)	$ (18,787)

Investments (Securities by Cont

Investments (Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Amortized cost and fair value of fixed maturity securities investments classified by contractual maturity date
Due in 1 year or less, Available for sale, Cost or amortized cost	$ 164,158
Due after 1 year through 5 years, Available for sale, Cost or amortized cost	1,133,253
Due after 5 years through 10 years, Available for sale, Cost or amortized cost	1,223,353
Due after 10 years through 15 years, Available for sale, Cost or amortized cost	874,072
Due after 15 years, Available for sale, Cost or amortized cost	1,058,726
Securities with contractual maturities, Available for sale, Cost or amortized cost	4,453,562
Mortgage-backed and asset-backed securities, Available for sale, Cost or amortized cost	1,678,684
Available-for-sale fixed maturity Securities, Amortized Cost Basis	6,132,246	$ 6,352,737
Due in 1 year or less, Available for sale, Fair value	160,738
Due after 1 year through 5 years, Available for sale, Fair value	1,158,235
Due after 5 years through 10 years, Available for sale, Fair value	1,277,278
Due after 10 years through 15 years, Available for sale, Fair value	914,971
Due after 15 years, Available for sale, Fair value	1,087,517
Securities with contractual maturities, Available for sale, Fair value	4,598,739
Mortgage-backed and asset-backed securities, Available for sale, Fair value	1,697,517
Available-for-sale Securities, Fixed Maturity Securities, Fair value	$ 6,296,256	$ 6,610,368

Investments (Realized Gain Loss

Investments (Realized Gain Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Realized pretax gains (losses) on the sale of investments
Gains	$ 5,066	$ 6,443	$ 29,253	$ 32,013
Losses	(4,493)	(1,538)	(15,494)	(6,862)
Net realized investment gain	573	4,905	13,759	25,151
Fixed Maturity Securities [Member]
Realized pretax gains (losses) on the sale of investments
Gains	4,629	5,018	18,505	6,150
Losses	(462)	(1,533)	(1,934)	(3,688)
Net realized investment gain	4,167	3,485	16,571	2,462
Equity Securities [Member]
Realized pretax gains (losses) on the sale of investments
Gains	437	1,425	10,748	25,863
Losses	(4,031)	(5)	(13,560)	(3,174)
Net realized investment gain	$ (3,594)	$ 1,420	$ (2,812)	$ 22,689

Investments (Narrative or Textu

Investments (Narrative or Textual) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Other than Temporary Impairment Losses, Investments [Abstract]
Condition for categorizing the impaired securities	$ 1,000
Condition for categorizing the impaired securities, percentage	10.00%
Weighted-average life of mortgage-backed and asset-backed securities, Years	5.3
Number of fixed maturity and equity securities held	2,960
Percentage of securities in unrealized loss position	36.00%
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses	$ (63,146)	$ (41,776)

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities FV) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available for sale
Fixed maturity securities - available for sale	$ 6,296,256	$ 6,610,368
Equity securities - available for sale, at fair value	390,077	296,352
Short-term investments*	283,420	258,186
Other Investments Carried at Fair Value, Not at Net Asset Value	17
Restricted cash and securities	3,780	2,729
Premium, claims and other receivables	53,749	56,493
Other assets	1,632	1,324
Total assets measured at fair value	7,028,931	7,225,452
Notes payable	951,601	875,094
Accounts payable and accrued liabilities - earnout liabilities	11,310	11,473
Total liabilities measured at fair value	962,911	886,567
Fair Value, Inputs, Level 1 [Member]
Available for sale
Fixed maturity securities - available for sale	68,889	63,663
Equity securities - available for sale, at fair value	390,077	296,352
Short-term investments*	154,674	159,297
Other Investments Carried at Fair Value, Not at Net Asset Value	17
Other assets	0	18
Total assets measured at fair value	613,657	519,330
Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	6,227,220	6,546,557
Short-term investments*	128,746	98,889
Restricted cash and securities	3,780	2,729
Premium, claims and other receivables	53,749	56,493
Total assets measured at fair value	6,413,495	6,704,668
Notes payable	951,601	875,094
Accounts payable and accrued liabilities - earnout liabilities	3,780	2,729
Total liabilities measured at fair value	955,381	877,823
Fair Value, Inputs, Level 3 [Member]
Available for sale
Fixed maturity securities - available for sale	147	148
Other assets	1,632	1,306
Total assets measured at fair value	1,779	1,454
Accounts payable and accrued liabilities - earnout liabilities	7,530	8,744
Total liabilities measured at fair value	7,530	8,744
US Government and Government Agency Securities [Member]
Available for sale
Fixed maturity securities - available for sale	74,138	70,969
US Government and Government Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Available for sale
Fixed maturity securities - available for sale	68,889	63,663
US Government and Government Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	5,249	7,306
Fixed Maturity Securities of States, Municipalities and Political Subdivisions Securities [Member]
Available for sale
Fixed maturity securities - available for sale	815,755	954,708
Fixed Maturity Securities of States, Municipalities and Political Subdivisions Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	815,755	954,708
Special Purpose Revenue Bonds Of States Municipalities And Political Subdivisions [Member]
Available for sale
Fixed maturity securities - available for sale	2,338,946	2,389,012
Special Purpose Revenue Bonds Of States Municipalities And Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	2,338,946	2,389,012
Corporate Securities [Member]
Available for sale
Fixed maturity securities - available for sale	782,316	798,569
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	782,169	798,421
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Available for sale
Fixed maturity securities - available for sale	147	148
Residential Mortgage Backed Securities [Member]
Available for sale
Fixed maturity securities - available for sale	792,037	821,694
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	792,037	821,694
Commercial Mortgage Backed Securities [Member]
Available for sale
Fixed maturity securities - available for sale	532,689	611,631
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	532,689	611,631
Asset-backed Securities [Member]
Available for sale
Fixed maturity securities - available for sale	372,791	366,827
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	372,791	366,827
Foreign Government Securities [Member]
Available for sale
Fixed maturity securities - available for sale	145,251	118,692
Foreign Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	145,251	118,692
Foreign Corporate Securities [Member]
Available for sale
Fixed maturity securities - available for sale	442,333	478,266
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available for sale
Fixed maturity securities - available for sale	$ 442,333	$ 478,266

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative or Textuals) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate of senior notes	6.30%
Other Investments Carried at Net Asset Value, Excluded from Fair Value Hierarchy	$ 24,940

Reinsurance (Reinsurance Transa

Reinsurance (Reinsurance Transactions Effect) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Effect of reinsurance transactions on our premium, loss and loss adjustment expense and policy acquisition costs
Direct written premium	$ 900,536	$ 749,239	$ 1,617,584	$ 1,369,751
Reinsurance assumed	77,217	83,490	186,305	209,700
Reinsurance ceded	(211,620)	(185,715)	(368,840)	(342,255)
Net written premium	766,133	647,014	1,435,049	1,237,196
Direct earned premium	742,135	651,682	1,445,719	1,288,995
Reinsurance assumed	72,833	76,318	144,001	152,341
Reinsurance ceded	(173,128)	(155,752)	(347,317)	(306,476)
Net earned premium	641,840	572,248	1,242,403	1,134,860
Direct loss and loss adjustment expense	478,656	383,987	937,382	743,616
Reinsurance assumed	11,714	21,472	38,930	63,274
Reinsurance ceded	(95,065)	(69,562)	(215,845)	(140,247)
Net loss and loss adjustment expense	395,305	335,897	760,467	666,643
Policy acquisition costs	123,925	110,565	238,995	215,210
Ceding commissions	(45,466)	(37,595)	(85,325)	(73,199)
Net policy acquisition costs	$ 78,459	$ 72,970	$ 153,670	$ 142,011

Reinsurance (Reinsurance Recove

Reinsurance (Reinsurance Recoverables) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of reinsurance recoverables
Reinsurance recoverable on paid losses	$ 92,897	$ 99,937
Reinsurance recoverable on outstanding losses	439,252	443,059
Reinsurance recoverable on incurred but not reported losses	634,562	627,404
Reserve for uncollectible reinsurance	(1,500)	(1,500)
Total reinsurance recoverables	$ 1,165,211	$ 1,168,900

Reinsurance (Narrative or Textu

Reinsurance (Narrative or Textuals) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Reinsurance [Abstract]
Recoverables related to Spanish surety bonds	$ 78,100
Paid loss recoverables related to Spanish surety bonds	40,800
Recoverables in dispute from run-off reinsurers related to Spanish surety bonds	41,600
Paid loss recoverables in dispute from run-off reinsurers related to Spanish surety bonds	38,300
Reserve for uncollectible reinsurance	$ 1,500	$ 1,500

Liability for Unpaid Loss and55

Liability for Unpaid Loss and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNetAbstract
Reserves at beginning of period	$ 3,692,522	$ 3,847,417	$ 3,728,085	$ 3,902,132
Less reinsurance recoverables on reserves	1,082,484	1,098,576	1,070,463	1,122,731
Net reserves at beginning of period	2,610,038	2,748,841	2,657,622	2,779,401
Net reserve additions from acquired business	0		8,743
Net loss and loss adjustment expense:
Net loss and loss adjustment expense	395,305	335,897	760,467	666,643
Net loss and loss adjustment expense payments for claims occurring during:
Net loss and loss adjustment expense payments	(431,975)	(327,917)	(820,513)	(691,775)
Foreign currency adjustment	13,306	3,427	(19,645)	5,979
Net reserves at end of period	2,586,674	2,760,248	2,586,674	2,760,248
Plus reinsurance recoverables on reserves	1,073,814	1,081,249	1,073,814	1,081,249
Reserves at end of period	$ 3,660,488	$ 3,841,497	$ 3,660,488	$ 3,841,497

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Notes Payable [Line Items]
Notes payable	$ 909,328	$ 824,251
6.3% Senior Notes [Member]
Notes Payable [Line Items]
Notes payable	299,328	299,251
Revolving Loan Facility [Member]
Notes Payable [Line Items]
Notes payable	$ 610,000	$ 525,000

Notes Payable (Narrative or Tex

Notes Payable (Narrative or Textuals) (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Notes Payable [Abstract]
Interest rate of senior notes	6.30%
Borrowing capacity under line of credit facility	$ 825
Borrowing rate under revolving loan facility	1.40%
Remaining borrowing capacity under Revolving Loan Facility as reduced by outstanding letters of credit	$ 210.1

Income Taxes (Effective Tax Rat

Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Differences between our effective tax rate for financial statement purposes and the Federal statutory rate
Statutory tax rate	35.00%	35.00%	35.00%	35.00%
Federal tax at statutory rate	$ 40,095	$ 48,175	$ 92,885	$ 102,415
Nontaxable municipal bond interest and dividend received deduction	(6,889)	(8,856)	(16,641)	(17,783)
State income taxes, net of federal tax benefit	722	816	1,439	1,650
Foreign income taxes	6,011	8,640	15,962	15,866
Foreign tax credits	(5,852)	(8,640)	(15,628)	(15,866)
Indefinitely reinvested earnings of foreign subsidiaries			(9,134)
Uncertain tax positions (net of federal tax benefit on state positions: $71 in 2015, $183 in 2014)	(56)	132	2,178	452
Other, net	109	241	990	835
Income tax expense	$ 34,140	$ 40,508	$ 72,051	$ 87,569
Effective tax rate	29.80%	29.40%	27.10%	29.90%

Income Taxes (Narrative or Text

Income Taxes (Narrative or Textuals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Indefinitely reinvested earnings of foreign subsidiaries (Line items)
Indefinitely reinvested earnings of foreign subsidiaries			$ 9,134
Undistributed Earnings of Foreign Subsidiaries	$ 321,200		$ 321,200
Statutory tax rate	35.00%	35.00%	35.00%	35.00%
United Kingdom
Foreign statutory tax rate (Line Items)
Foreign statutory tax rate			20.00%
Spain
Foreign statutory tax rate (Line Items)
Foreign statutory tax rate			28.00%
Cumluative undistributed foreign earnings through December 31, 2014 [Member]
Indefinitely reinvested earnings of foreign subsidiaries (Line items)
Indefinitely reinvested earnings of foreign subsidiaries			$ 5,900
Cumluative undistributed foreign earnings in the first six months of 2015 [Member]
Indefinitely reinvested earnings of foreign subsidiaries (Line items)
Indefinitely reinvested earnings of foreign subsidiaries			$ 3,200

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Income (Rollforward of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income, Net of Tax, Beginning Balance	$ 172,262		$ 175,014
Other comprehensive income (loss)	(61,550)	$ 58,201	(64,302)	$ 101,771
Accumulated Other Comprehensive Income, Net of Tax, Ending Balance	110,712		110,712
Accumulated Net Unrealized Investment Gain [Member]
Accumulated Other Comprehensive Income, Net of Tax, Beginning Balance	174,217		169,984
Other comprehensive income (loss)	(63,472)		(59,239)
Accumulated Other Comprehensive Income, Net of Tax, Ending Balance	110,745		110,745
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income, Net of Tax, Beginning Balance	(1,955)		5,030
Other comprehensive income (loss)	1,922		(5,063)
Accumulated Other Comprehensive Income, Net of Tax, Ending Balance	$ (33)		(33)
Accumulated other comprehensive income [Member]
Other comprehensive income (loss)			$ (64,302)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Basic and Diluted
Net earnings	$ 80,417	$ 97,136	$ 193,334	$ 205,047
Less: net earnings attributable to unvested restricted stock	(1,207)	(1,590)	(2,848)	(3,282)
Net earnings available to common stock	$ 79,210	$ 95,546	$ 190,486	$ 201,765
Weighted-average common shares outstanding	94,165	98,442	94,522	98,551
Dilutive effect of outstanding securities (determined using treasury stock method)	293	218	276	240
Weighted-average common shares and potential common shares outstanding	94,458	98,660	94,798	98,791
Earnings Per Share, Basic	$ 0.84	$ 0.97	$ 2.02	$ 2.05
Earnings Per Share, Diluted	$ 0.84	$ 0.97	$ 2.01	$ 2.04
Net earnings available to common stock	$ 79,210	$ 95,546	$ 190,486	$ 201,765

Stock based compensation (Sched

Stock based compensation (Schedule of Stock-based Compensation Grants) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Total
Common stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	23
Weighted-average grant date fair value, awarded	$ 58.17
Aggregate fair value	$ 1,323
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	314
Weighted-average grant date fair value, awarded	$ 55.91
Aggregate fair value	$ 17,548
Restricted stock [Member] | MinimumMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted stock [Member] | MaximumMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted stock units (RSU) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares	6
Weighted-average grant date fair value, awarded	$ 56.43
Aggregate fair value	$ 349
Restricted stock units (RSU) [Member] | MinimumMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted stock units (RSU) [Member] | MaximumMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Stock based Compensation (Narra

Stock based Compensation (Narrative or Textuals) (Details) - 6 months ended Jun. 30, 2015 - Plan name domain - shares shares in Thousands	Total
Stock Based Compensation [Line Items]
Issuance of shares for employee stock purchase plan	49
Vesting Percentage Upon Change in Control	100.00%
MinimumMember
Stock Based Compensation [Line Items]
Percentage Of Restricted Stock Shares Vesting Range	0.00%
MaximumMember
Stock Based Compensation [Line Items]
Percentage Of Restricted Stock Shares Vesting Range	200.00%

Commitments and Contingencies (

Commitments and Contingencies (Narrative or Textuals) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Commitments And Contingencies [Line Items]
Pretax cat loss after reinsurance	$ 10.5	$ 9.5
Longest Indemnification Expiration Date	2,025
Remaining Commitment of Middle Market Senior Loan Program	$ 147
Original Commitment of Middle Market Senior Loan Program	$ 150

Supplemental Information (Suppl

Supplemental Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Supplemental Information
Income taxes paid	$ 57,259	$ 70,891	$ 86,185	$ 70,413
Interest paid	11,861	13,445	14,022	14,984
Proceeds from sales of available for sale fixed maturity securities	231,642	167,832	398,848	286,843
Proceeds from sales of equity securities	5,558	26,107	71,970	170,182
Dividends declared but not paid at end of period	$ 28,172	$ 22,493	$ 28,172	$ 22,493